Finance date of Adams Stores, Inc. for the year ending 2016 and 2017. Items 2016 2017 $3,432,000 9,000 340,000 203,768 323,432 2,864,000 18,900 48,600 $5,834,400 7,282 720,000 Sales Cash Other Expenses Retained Earnings Long-term debt Cost of goods sold Depreciation Short-term investments 97,632 1,000,000 4,980,000 116,960 20,000 Fixed Assets 491.000 1.202.950
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- Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableIncome Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?
- Profitability ratios The following selected data were taken from the financial statements of Robinson Inc. for December 31, 2016, 2015 and 2014: December31 2016 2015 2014 Total assets......................................... 4,800,000 4,400,000 4,000,000 Notes payable (8% interest)........................... 2,250,000 2,250,000 2,250,000 Common stock...................................... 250,000 250,000 250,000 Preferred 4% stock, 100 par (no change during year)........................... 500,000 500,000 500,000 Retained earnings................................... 1,574,000 1,222,000 750,000 The 2016 net income was 372,000, and the 2015 net income was 492,000. No dividends on common stock were declared between 2014 and 2016. a. Determine the rate earned on total assets, the rate earned on stockholders equity, and the rate earned on common Stockholders equity for the years 2015 and 2016. Round to one decimal place. b. What conclusions can be drawn from these data as to the companys profitability?Saverin, Inc. produces and sells outdoor equipment. On July 1, 2016, Saverin, Inc. issued 62,500,000 of 10-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of 66,747,178. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 2016, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) b. The interest payment on June 30, 2017, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) 3. Determine the total interest expense for 2016.JUST DEW IT CORPORATION2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 10,150 $ 10,350 Accounts payable $ 74,500 $ 61,250 Accounts receivable 27,100 27,250 Notes payable 48,500 49,250 Inventory 62,900 63,500 Total $ 123,000 $ 110,500 Total $ 100,150 $ 101,100 Long-term debt $ 59,400 $ 64,900 Owners' equity Common stock and paid-in surplus $ 80,000 $ 80,000 Fixed assets Retained earnings 171,750 192,700 Net plant and equipment $ 334,000 $ 347,000 Total $ 251,750 $ 272,700 Total assets $ 434,150 $ 448,100 Total liabilities and owners' equity $ 434,150 $ 448,100 Based on the balance sheets given for Just Dew It, calculate the following…
- Use the following information to answer this question. Windswept, Inc.2017 Income Statement($ in millions) Net sales $ 9,390 Cost of goods sold 7,660 Depreciation 455 Earnings before interest and taxes $ 1,275 Interest paid 100 Taxable income $ 1,175 Taxes 411 Net income $ 764 Windswept, Inc.2016 and 2017 Balance Sheets($ in millions) 2016 2017 2016 2017 Cash $ 210 $ 240 Accounts payable $ 1,290 $ 1,335 Accounts rec. 960 860 Long-term debt 1,080 1,280 Inventory 1,750 1,665 Common stock 3,300 3,190 Total $ 2,920 $ 2,765 Retained earnings 620 870 Net fixed assets 3,370 3,910 Total assets $ 6,290 $ 6,675 Total liab. & equity $ 6,290 $ 6,675 What is the quick ratio for 2017?FINANCIAL STATEMENT ANALYSIS DATA INFORMATION Statement of Financial Position of cf company 2015 2016 Cash and Cash Equivalents $ 990,000.00 $ 950,000.00 Short Term Marketable Securities $ 10,000.00 $ 15,000.00 Accounts Receivable $ 1,020,000.00 $ 1,550,000.00 Inventory $ 1,005,000.00 $ 1,360,000.00 Other Current Assets $ 870,000.00 $ 1,150,000.00 Total Current Assets $ 3,895,000.00 $ 5,025,000.00 Fixed Assets $ 14,006,000.00 $ 17,605,000.00 Accumulated Depreciation $ -1,280,000.00 $ -1,700,000.00 Net Fixed Assets $ 12,726,000.00 $ 15,905,000.00 Longterm Investments $ 360,000.00 $ 320,000.00 Investments in Other Companies $ 65,000.00 $ - Intangibles and Other Assets $ 100,000.00 $ 110,000.00 Total Non Current Assets $…Use the following information to answer this question. Windswept, Inc.2017 Income Statement($ in millions) Net sales $ 9,000 Cost of goods sold 7,350 Depreciation 360 Earnings before interest and taxes $ 1,290 Interest paid 87 Taxable income $ 1,203 Taxes 421 Net income $ 782 Windswept, Inc.2016 and 2017 Balance Sheets($ in millions) 2016 2017 2016 2017 Cash $ 160 $ 190 Accounts payable $ 1,150 $ 1,332 Accounts rec. 840 740 Long-term debt 1,000 1,233 Inventory 1,570 1,565 Common stock 3,190 2,910 Total $ 2,570 $ 2,495 Retained earnings 470 720 Net fixed assets 3,240 3,700 Total assets $ 5,810 $ 6,195 Total liab. & equity $ 5,810 $ 6,195 What is the equity multiplier for 2017?